CPI Aerostructures Q3 net income up 149% to $0.7M; gross margin 21.7%

CPI AEROSTRUCTURES INC

2024-Q3 EPS reported $0.18 revenue$59,311,356

Revenue $19.4M (down 5% YoY); gross profit $4.2M; net income $0.7M ($0.06 EPS) vs $0.3M ($0.02 EPS).
Gross margin 21.7% vs 18.2% (350 bps improvement) on improved product mix and efficiencies.
Adjusted EBITDA $1.7M, up 15.6% from $1.4M; operating cash flow $0.7M vs $0.0M.
Debt reduced to $18.2M from $20.9M; Debt-to-Adjusted EBITDA ratio 2.5, seventh consecutive quarter below 3.0.
Received L3Harris award for Next Generation Jammer Low Band Pod; backlog $506M as of Sep 30, 2024.

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